MIRA INFORM REPORT

Report Date :

28.01.2012

IDENTIFICATION DETAILS

Name :	INDUSTRIAL FOAMS PRIVATE LIMITED
Formerly Known As :	INFOTECH PORTFOLIO PRIVATE LIMITED
Registered Office :	228, Okhla Industrial Estate, Phase – III, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	26.07.1972
Com. Reg. No.:	55-6228
Capital Investment / Paid-up Capital :	Rs.2.500 Millions
CIN No.: [Company Identification No.]	U74899DL1972PTC006228
TAN No.: [Tax Deduction & Collection Account No.]	DELI00913D DELI00233C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Polyurethane Insulated Rigid Foam Panels, P.U Systems House (Polyol/MDI) Prefabricated Air-conditioned Buildings, Shelters and Cold Rooms, Complete Thermal Coolers.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 125000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. Trade relations are fair. Financial position of the company appears to be good. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	228, Okhla Industrial Estate, Phase – III, New Delhi – 110020, India
Tel. No.:	91-11-26912375/ 26917758/ 26831850/ 40123123
Mobile No.:	91-9811042509 (Mr. Samir Arora)
Fax No.:	91-11-26314209/ 24626572
E-Mail :	satapathy_rabi@yahoo.co.in samira@airtelmail.in samara@ndf.vsnl.net.in info@industrialfoams.com rsanewdelhi@gmail.com
Website :	http://www.industrialfoams.com

DIRECTORS

As on 29.09.2011

Name :

Mr. Samir Arora

Designation :

Director

Address :

D – 356, Defence Colony, New Delhi- 110024, India

Date of Appointment :

15.04.1996

DIN No.:

00159931

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1972PTC006228	Industrial Foams Private Limited	Director	15-04-96	15-04-96	-	Active	NO
2	U25199DL2006PTC149285	T.A. Prefab Private Limited	Director	29-05-06	29-05-06	-	Active	NO
3	U32204DL2009PTC191008	ALTIF Telecommunications Private Limited	Director	08-06-09	08-06-09	-	Active	NO

Name :

Mr. Tirath Ram Arora

Designation :

Director

Address :

D – 356, Defence Colony, New Delhi- 110024, India

Date of Appointment :

26.07.1972

DIN No.:

00154921

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1972PTC006228	Industrial Foams Private Limited	Director	26-07-72	26-07-72	-	Active	NO
2	U25199DL2006PTC149285	T.A. Prefab Private Limited	Director	29-05-06	29-05-06	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2011

Names of Shareholders	No. of Shares
Tirath Ram Arora	7416
Kusum Arora	728
Samir Arora	16848
Monica Mishra	4
Mona	4
TOTAL	25000

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Polyurethane Insulated Rigid Foam Panels, P.U Systems House (Polyol/MDI) Prefabricated Air-conditioned Buildings, Shelters and d Rooms, Complete Thermal Coolers.

GENERAL INFORMATION

Suppliers :	· Aardha Enterprises · A Dee lndustries · Akanta Apan Consultant · Anand Plastic lndustries · Basf Polyurethanes lndia Limited · B.S. Mehrasons Private Limited · Gomati lmpex Private Limited · Hindustan refrigeration stores · lnfinityEnterprises · Jayantilal J, Gandhi Chemicats Private Limited · Kisan Timber Company · M.R. Cottage lndushies · R.M.Enterprises · R.N.Sahni Enterprises · Shri Metal Containers · Sri Venkateswara Plastics · Tosiba lndustries Limited · H.C. Narang and Associates · lndia lnternational Centre · Overseas Freight Movers · Shree Forwardlng and Clearing Agents Private Limited · Vee Ess Printers
Customers :	· A C E Engineering Company · Ahata · Bharat Electronics Limited · A V N Industries · Blue Star Limited · Bulakee Deep Freeze · Global Engineers · Global Refrigeration and Equipments · Globe lnternational lnc (Bhiwadi) · Hl- Tech Builders and Manufactures · Jain lndustries · L G Electronics India Private Limited · Lloyd lnsulations (India) Limited · Magnum lnteriors Private Limited · Manraj Agro · MEG Agro · Mohan and Mohan Refrigeration · Motherson Zanotti Refrigeration System Limited · Super Refrigeration Industries (Delhi) · Supreme Refrigeration Electricals · Supreme Specialty Foods Private Limited · Surgicoin MedequiP Private Limited · Systematic Conscom Limited · Tariq Engineering Works · The Jammu and Kashmir Group of industries · The Metal Arts · Timco · Vibro Tech · Voltas Limited Unit-ll · Wilson Polymer · Yamuna Cable Accessories ( Private ) Limited - Unit-ll
No. of Employees :	Not Available
Bankers :	· Canara Bank, 74, Janpath, New Delhi – 110001, India · ICICI Bank · Kotak Mahindra Bank

Banking Relations :
Auditors :
Name :	Nayyar and Malik Chartered Accountants
Address :	370-A, First Floor, Sant Nagar, East of Kailash, New Delhi – 110065, India
Tel. No.:	91-11-26475567/ 26476482
Fax No.:	91-11-26225280
PAN.:	AAIPM2018E

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25000	Equity Shares	Rs.100/- each	Rs.2.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		2.500	2.500	2.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		28.794	23.273	18.239
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		31.294	25.773	20.739
LOAN FUNDS
1] Secured Loans		26.460	22.898	19.502
2] Unsecured Loans		15.806	12.078	8.144
TOTAL BORROWING		42.266	34.976	27.646
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		73.560	60.749	48.385
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.729	9.946	8.219
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.005	0.006	0.006
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	62.002	13.621	11.216
	Sundry Debtors	46.826	64.176	31.649
	Cash & Bank Balances	26.342	3.891	3.335
	Other Current Assets	15.485	17.278	13.778
	Loans & Advances	7.247	7.429	10.445
Total Current Assets		157.902	106.395	70.423
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	84.144	41.612	20.186
	Other Current Liabilities	13.932	13.985	10.077
	Provisions
Total Current Liabilities		98.076	55.597	30.263
Net Current Assets		59.826	50.798	40.160
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		73.560	60.749	48.385

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales Turnover	213.437	193.277	186.774
		Other Income	NA	2.386	8.334
		TOTAL (A)	NA	195.663	195.108
	EXPENSES
		Cost of Good Sold	NA	182.561	180.626
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	182.561	180.626
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	13.102	14.482
Less	FINANCIAL EXPENSES (D)		NA	4.630	4.160
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	8.472	10.322
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	1.408	1.141
	PROFIT BEFORE TAX (E-F) (G)		8.931	7.064	9.181
Less	TAX (H)		2.999	2.030	3.390
	PROFIT AFTER TAX (G-H) (I)		5.932	5.034	5.791
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		23.200	18.166	12.375
	BALANCE CARRIED TO THE B/S		29.132	23.200	18.166
	IMPORTS		72.058	45.783.	NA
	Earnings Per Share (Rs.)		237.26	201.36	231.64

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.78	2.57	2.97
Net Profit Margin (PBT/Sales)	(%)	NA	3.65	4.92
Return on Total Assets (PBT/Total Assets}	(%)	5.20	6.07	11.67
Return on Investment (ROI) (PBT/Networth)		0.29	0.27	0.44
Debt Equity Ratio (Total Liability/Networth)		4.48	3.51	2.79
Current Ratio (Current Asset/Current Liability)		1.61	1.91	2.33

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULT

During the year the company achieved a total turnover of Rs.213.437 millions as compared to Rs.193.277 millions in previous year in the previous period profit for the year was Rs.8.932 millions as compared the profit of Rs.7.064 millions the previous period.

FORM 8

Corporate identity number of the company	U74899DL1972PTC006228
Name of the company	Industrial Foams Private Limited
Address of the registered office or of the principal place of business in India of the company	228, Okhla Industrial Estates, New Delhi – 110020, India satapathy_rabi@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10203306
Type of charge	· Immovable Property · Book Debts · Movable Property (not being pledge) · Floating charge
Particular of charge holder	Canara Bank 74, Janpath, New Delhi – 110001, India ca_rcg@yahoo.co.in
Nature of instrument creating charge	Letter evidencing extension of equitable mortgage along with Schedule A and B dated 08.02.2011
Date of instrument Creating the charge	08.02.2011
Amount secured by the charge	Rs.30.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Letter evidencing extension of equitable mortgage Terms of Repayment: Payable on demand. Margin: 20% against ILC(DA) limit and 25% against BG limit Extent and operation of charge: 100% Others: To further collaterally secure all amounts payable under ILC/BG limit of Rs.30.000 millions by equitable mortgage of immovable properties of the Company situated at 228, Okhla Industrial Estate, Phase-III, New Delhi-110020 together with all buildings thereon and machinery therein.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of stock of Polyol (Chemical for making Insulating Material) and all other goods and commodities purchased, acquired recovered under ILC limit now lying or hereafter stored at Company's godowns, yards and premises at 228, Okhla Industrial Estate, Phase-III, New Delhi or at any other place(s) including those in transit and all book-debts, outstanding, monies receivables, claims and bills arising out of the sale of such goods - both present and future. Collaterally secured by all plant and machinery and other fixed assets of the Company Collateral Security Agreement installed/stored at Company's premises or at any other place(s) including those in transit.
Date of instrument modifying the charge	04.02.2011
Particulars of the present modification	All amounts made payable by the Bank under ILC/BG limit of Rs.30.000 millions together with all interests, costs, charges, expenses, commission etc. stand further collaterally secured by equitable mortgage of immovable properties of the Company situated at 228, Okhla Industrial Estate, Phase-III, New Delhi-110020 together with all buildings thereon and machinery therein.

FIXED ASSETS

· Plant and Machinery

· Electric Fitting

· Furniture and Fixture

· Vehicles

· Tube well

· Computers

WEBSITE DETAILS

PROFILE

Subject (An ISO 9001-2000 and OHSAS 180001: 1999 Certified Company) was established in 1972 by its founder Shri T.R. Arora. The company is recognized as one of the leading names for manufacturing Polyurethane Insulated Rigid Foam Panels/Sheets, P.U Systems, House(Polyol/MDI) Prefabricated Air-conditioned buildings, Shelters and Cold Rooms, Complete Thermal Coolers for Stationary and Mobile Applications, Walk in Coolers, Freezing Chambers, Reach in Refrigerators, Ware House Refrigeration with Integral Panel Construction, Specific Tailor-made Applications for safe storage of perishable products, PUF Insulated Roofing Panels and Insulated Doors.

Company believes in a simple strategy to offer the most superior quality products. All their products are backed up by value-added Application Engineering and after Sales Support. They design, develop and manufacture Intelligent Systems which provide very economical, dependable, long lasting and highly evolved customized solutions. The is perhaps one of the renowned names in the technologically advanced industries in India, having a team of highly qualified Technocrats, Professionals and Equipment Designers to cover their Refrigeration needs wall to wall. The marketing head-quarters and works are located in Okhla Industrial Estate (New Delhi). Subject has been associated with prestigious projects for the Hospitality, Medical, Telecommunication, Food Processing, Dairy Industry etc.

Company's Profile and Product Range

Subject is a comprehensive manufacturer of state-of- the art:-

· Polyurethane insulated Rigid Foam Panels,

· Prefabricated Air conditioned buildings

· Shelters and Cold Rooms,

· Complete Thermal coolers for Stationary and Mobile Applications

· Ware House Refrigeration with integral panel construction,

· Specific Tailor-made applications for safe storage of perishable products,

· PUF Insulated Roofing Panels and Insulated Doors

· Telecom Shelters

They are serving the segments for over 33 years and are well known for quality and reliability. The prime customer, The Defence Ministry, Govternment of India (where they are a registered supplier) and others like DGQA, CQAE, NSIC and others recognize and appreciate their products. Their supply of Polyurethane products goes to various Private Sector and Government organizations, such as Defence, Railways, Air Force, Police Department, and the Telecom Sector, and to big insulation contractors like Lloyd Insulation India Limited, Cellotek Insulation India and similar companies.

Subject has been manufacturing Walk-in Coolers and Freezers for the food service industry since 1972. Their goal is to manufacture the finest quality walk-ins available and provide with an unsurpassed level of service. All of their walk-ins are CAD designed to the exact specifications. Their panels are engineered and built for easy installation. During each phase of the manufacturing process, they scrutinize quality, fit and finish to ensure that their clients get the best possible product.

MANAGEMENT TEAM

Their Management Team strongly believes in the concept of team work in order to achieve the company objectives. A team of highly qualified Senior Technocrats has been employed with hands-on experience in the identification, management, organization and execution of critical projects in the following fields-

Polyurethane Foam Insulation System / PUF Panels and Sheets.

Prefabricated Buildings.

Air Conditioning and Refrigeration.

They have the following members who are actively involved in the various activities of IFPL across the country.

- Mr. Tirath Ram Arora

  (Managing Director)

- Mr. Samir Arora

  (Director)

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.65
UK Pound	1	Rs.77.80
Euro	1	Rs.65.05

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		48

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.